Legal Question in Bankruptcy in Tennessee

Guardian Savings Accounts of someone Filing Bankruptcy

My questions is this: I am the 'guardian' on a savings account for my grandchildren. This is an account which I opened for them and in which I have deposited money. Will this account be seized and considered an asset of mine if I file for bankruptcy? We are talking about less than $5,000.00 in this account total.

Asked on 9/10/03, 10:20 am

1 Answer from Attorneys

James R. Becker, Jr. Becker Law Firm

Re: Guardian Savings Accounts of someone Filing Bankruptcy

Depending on when you put the money into the account, the answer is possibly. If you are planning to file for bankruptcy protection, I would consult with an attorney who handles a significant number of these types of cases. When you have your consultation, be sure and let the attorney know about this and have the records for this account, showing the dates of deposits. This information should help your attorney give you a more informed opinion than would otherwise be available.

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Answered on 9/10/03, 1:51 pm

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